Goldman Sachs Downgrades Midcoast Energy Partners, L.P. (MEP) to Neutral

Goldman Sachs downgraded Midcoast Energy Partners, L.P. (NYSE: MEP) from Buy to Neutral with a price target of $22.00 (from $25.00).

Analyst Theodore Durbin said, "We are lowering our 12-month price target to $22 from $25 to reflect sharply lowered earnings and distribution growth estimates tied to our lower commodity price view. We believe MEP is more likely to be negatively impacted by lower crude oil/NGL prices given its direct margin exposure and asset concentration in slower-growth natural gas basins in Texas and Oklahoma. We now believe MEP can achieve mid-single-digit distribution growth vs. our previous forecast for multi-year double-digit growth."

For an analyst ratings summary and ratings history on Midcoast Energy Partners, L.P. click here. For more ratings news on Midcoast Energy Partners, L.P. click here.

Shares of Midcoast Energy Partners, L.P. closed at $19.08 yesterday.

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